Philadelphia, Pennsylvania--(Newsfile Corp. - February 27, 2023) - Grabar Law Office is investigating potential claims on behalf of C3.ai (NYSE: AI) shareholders. The investigation concerns whether certain officers of C3.ai have breached their fiduciary duties to the company.
A class action complaint has been filed against C3.ai that alleges that the Registration Statement and Prospectus (together, the "Offering Documents") issued in connection with the Company's IPO were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, it is alleged that defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, the Offering Documents and defendants made false and/or misleading statements and/or failed to disclose that: (i) C3.ai's partnership with Baker Hughes was deteriorating; (ii) C3.ai's was employing a flawed accounting methodology to conceal the deterioration of its Baker Hughes partnership; (iii) C3.ai faced challenges in product adoption and significant salesforce turnover; (iv) the Company overstated, inter alia, the extent of its investment in technology, description of its customers, its total addressable market, the pace of its market growth, and the scale of alliances with its major business partners; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.
Current long-term C3.ai shareholders who have held C3.ai stock since on or shortly after the Company's December 9, 2020 IPO, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them.
If you would like to learn more about this matter, you are encouraged to contact us at jgrabar@grabarlaw.com, or call Joshua Grabar at 267-507-6085.
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Contact:
Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: 267-507-6085
Email: jgrabar@grabarlaw.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/156266
Source: Grabar Law Office